BT 2003 Annual Report Download - page 127

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37. Company balance sheet 2003
£m
2002
a
£m
Fixed assets
Investment in subsidiary undertaking
a
9,971 9,971
Total fixed assets 9,971 9,971
Current assets
Debtors
b
368 174
Investments
c
21
Cash at bank and in hand 2–
Total current assets 372 175
Creditors: amounts falling due within one year
d
370 173
Net current assets 2 2
Total assets less current liabilities 9,973 9,973
Capital and reserves
Called up share capital
e
434 434
Share premium account
e
22
Profit and loss account
e
9,537 9,537
Total equity shareholders’ funds 9,973 9,973
The financial statements of the company on page 126 were approved by the board of directors on 21 May 2003
and were signed on its behalf by
Sir Christopher Bland Chairman
Ben Verwaayen Chief Executive
Ian Livingston Group Finance Director
a
During the year ended 31 March 2002, the company acquired BT Group Investments Limited (BTGI) for £9,971 million (see note 1). BTGI is
the intermediate holding company of British Telecommunications plc.
b
Debtors consists of amounts owed by subsidiary undertakings of £368 million (2002 – £173 million) and other debtors of £nil (2002 – £1 million).
c
The company invested in a listed investment, with a book value and market value of £1 million (2002 – £1 million), and short term loans to subsidiary
undertakings of £1 million (2002 – £nil).
d
Creditors consists of dividends payable of £366 million (2002 – £173 million), and other creditors of £4 million (2002 – £nil).
e
Capital and reserves are:
Share
capital
f
£m
Share premium
account
g
£m
Profit
and loss
account
£m
Total
£m
Balances on incorporation at 30 March 2001 ––––
Balances at 31 March 2001 ––––
Issue of shares 9,971 – – 9,971
Capital reduction (9,537) – 9,537 –
Movement relating to BT’s employee share ownership trust – 2 – 2
Profit for the financial year
h
––173 173
Dividend (2.0p per ordinary share) – – (173) (173)
Balances at 31 March 2002 434 2 9,537 9,973
Movement relating to BT’s employee share ownership trust
i
––––
Profit for the financial year
h
––560 560
Dividend (6.5p per ordinary share) – – (560) (560)
Balances at 31 March 2003 434 2 9,537 9,973
f
The authorised share capital of the company throughout the year ended 31 March 2003 and 31 March 2002 was £13,463 million representing
269,260,253,468 ordinary shares of 5 pence each.
The allotted, called up and fully paid ordinary share capital of the company at 31 March 2003 and 31 March 2002 was £434 million, representing
8,670,849,554 ordinary shares of 5 pence each (2002 – 8,670,692,996).
Of the authorised but unissued share capital at 31 March 2003, 25 million ordinary shares (2002 – 25 million) were reserved to meet options granted
under employee share option schemes described in note 34.
g
The share premium account, representing the premium on allotment of shares is not available for distribution.
h
The profit for the financial year, dealt with in the profit and loss account of the company and after taking into account dividends from subsidiary
undertakings, was £560 million (2002 – £173 million). As permitted by Section 230 of the Companies Act 1985, no profit and loss account of the
company is presented.
i
Ordinary shares allotted during the year were as follows:
Number
Nominal value
£m
Consideration
£m
Savings related schemes 3,944 – –
Other share option schemes 152,614 – –
Totals for the year ended 31 March 2003 156,558 – –
Notes to the financial statements
126 BT Annual Report and Form 20-F 2003